Parallel Advisors LLC Takes Position in United Technologies Co. (UTX)
Parallel Advisors LLC acquired a new stake in United Technologies Co. (NYSE:UTX) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 15,625 shares of the company’s stock, valued at approximately $1,713,000.
Several other hedge funds also recently made changes to their positions in UTX. Washington Trust Bank boosted its position in shares of United Technologies by 17.0% in the third quarter. Washington Trust Bank now owns 3,879 shares of the company’s stock worth $394,000 after buying an additional 564 shares in the last quarter. West Oak Capital LLC boosted its position in shares of United Technologies by 19.6% in the third quarter. West Oak Capital LLC now owns 5,487 shares of the company’s stock worth $557,000 after buying an additional 900 shares in the last quarter. Eqis Capital Management Inc. boosted its position in shares of United Technologies by 6.5% in the third quarter. Eqis Capital Management Inc. now owns 13,853 shares of the company’s stock worth $1,407,000 after buying an additional 849 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of United Technologies by 83.4% in the third quarter. BNP Paribas Arbitrage SA now owns 725,728 shares of the company’s stock worth $73,734,000 after buying an additional 329,932 shares in the last quarter. Finally, Cardinal Capital Management Inc. boosted its position in shares of United Technologies by 1.7% in the third quarter. Cardinal Capital Management Inc. now owns 107,246 shares of the company’s stock worth $10,896,000 after buying an additional 1,746 shares in the last quarter. 79.89% of the stock is owned by institutional investors.
Shares of United Technologies Co. (NYSE:UTX) opened at 113.51 on Tuesday. The stock’s 50 day moving average price is $111.56 and its 200 day moving average price is $107.26. United Technologies Co. has a 12 month low of $96.89 and a 12 month high of $114.44. The stock has a market capitalization of $91.47 billion, a price-to-earnings ratio of 18.55 and a beta of 1.09.
United Technologies (NYSE:UTX) last posted its earnings results on Wednesday, January 25th. The company reported $1.56 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.56. United Technologies had a return on equity of 18.13% and a net margin of 8.83%. The firm had revenue of $14.70 billion for the quarter, compared to analysts’ expectations of $14.70 billion. During the same period in the previous year, the firm earned $1.37 earnings per share. The business’s revenue was up 2.5% compared to the same quarter last year. Analysts expect that United Technologies Co. will post $6.55 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 17th were paid a dividend of $0.66 per share. The ex-dividend date was Wednesday, February 15th. This represents a $2.64 annualized dividend and a dividend yield of 2.33%. United Technologies’s dividend payout ratio (DPR) is presently 43.21%.
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UTX has been the topic of a number of recent research reports. Deutsche Bank AG increased their target price on United Technologies from $105.00 to $112.00 and gave the stock a “hold” rating in a report on Monday, December 5th. Stifel Nicolaus cut their target price on United Technologies from $119.00 to $116.00 and set a “hold” rating on the stock in a report on Friday, January 27th. Barclays PLC increased their target price on United Technologies from $111.00 to $114.00 and gave the stock an “equal weight” rating in a report on Thursday, January 26th. Wells Fargo & Co reiterated an “outperform” rating and issued a $117.50 target price on shares of United Technologies in a report on Saturday, December 10th. Finally, Vetr upgraded United Technologies from a “hold” rating to a “buy” rating and set a $120.61 target price on the stock in a report on Monday, December 19th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $115.70.
In other news, VP Robert J. Bailey sold 1,022 shares of the business’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $112.26, for a total transaction of $114,729.72. Following the transaction, the vice president now directly owns 2,000 shares of the company’s stock, valued at $224,520. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Akhil Johri sold 2,209 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $111.41, for a total value of $246,104.69. Following the transaction, the vice president now directly owns 19,100 shares in the company, valued at $2,127,931. The disclosure for this sale can be found here. Insiders have sold 44,497 shares of company stock worth $4,982,862 over the last three months. Insiders own 0.15% of the company’s stock.
About United Technologies
United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world. The Company operates through four segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney, and UTC Aerospace Systems. Otis operates as an elevator and escalator manufacturing, installation and service company.
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